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Marqeta, Inc.

Rank #213Hypergrowth

MQ · Nasdaq · Technology

Marqeta, Inc. (MQ) — Rank #213 by gross profitability (GP/assets 0.31) · ROE -1.9% · Piotroski F-Score 5 / 9.

As-of 2026-09-15 · CIK 0001522540 · all metrics point-in-time as of the filing date.

About

Marqeta, Inc. operates a cloud-based open API platform for card issuing and transaction processing services in the United States.

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The company's platform also provides processor services, bank and network management, program management, and value added services; card issuing, such as debit, prepaid, credit, virtual, and physical cards; UI/UX; access to a suite of bank account and money movement features, including savings accounts, demand deposit accounts, direct deposit with early pay, ACH, cash loads, and fee-free ATMs, bill pay, and instant funding capabilities; Marqeta Dashboard, a self-service portal to access and manage all aspects of card program; TransactPay; Marqeta Hub for consumers, buy now, pay later (BNPL) providers, and card issuers; and credit capabilities, as well as Portfolio Migration which simplifies upgrading existing card programs into its platform. It offers its solutions in various verticals, including financial services, on-demand services, lending, expense management, and e-commerce enablement, as well as BNPL providers. Marqeta, Inc.

was incorporated in 2010 and is headquartered in Oakland, California.

Industry
Software - Infrastructure
Sector
Technology
Filer Category
Large accelerated filer
Fiscal Year End
December 31

Price History

MQ-84.9% · -31.4% CAGRSPY+80.5% · +12.5% CAGR

Company Snapshot

P/S is the primary valuation lens — earnings are reinvested, not available for P/E.

Market Cap

$1.72B

P/E (annual)

—

P/S (annual)

2.8

P/B

2.4

P/OCF (annual)

10.6

Shareholder Yield

10.9%

Employees

938

Industry

Software - Infrastructure

Exchange

Nasdaq

Signal Flags

1 green1 yellow2 red
Revenue growth acceleratingGrowth rate increasing year over year
Disclosure regressionA previously-disclosed line item is no longer reported — worth checking the filing for why
Operating margin decliningOperating margin lower than prior year
Balance sheet deterioratingNet cash collapsed with receivables or inventory outpacing revenue

Quality Profile

Profitability

1/1 pass
GP / assets
0.31
Return on equity
-1.9%
Gross margin trend
PASS

Safety

1/1 pass
Balance-sheet safety
PASS
Debt / equity
0.95
Current ratio
1.66×
Net cash
$700.90M

Cash Flow

3/3 pass
Positive FCF
PASS
Cash-backed earnings
PASS
Accruals healthy
PASS
SBC / revenue
16.8%

Growth

2/2 pass
Revenue growth
23.3%
Piotroski F-Score
5 / 9
Share dilution
-10.9%

Terry Smith quality gate

Passes 1/5 Terry Smith thresholds

2 of 5 thresholds not computable from filed data.

What Growth Is Priced In

Implied revenue growth (10Y)

19.4%

fairly valued

The annual FCF growth rate today's price requires over a 10-year horizon (discount rate 10%, terminal growth 2.5%).

Buyback tailwind: -10.9% — per-share value needs a total required return of 8.4% once share-count change is priced in.

vs. own 6-year median revenue growth: 34.0%

within its own history

Cost-of-equity sensitivity (implied growth at different discount rates)

r = 8%

14.4%

r = 10% (base)

19.4%

r = 12%

23.7%

Net debt / market cap: -9.3%

Note: current FCF margin is 1.8σ above its historical mean — implied growth may understate valuation risk if the margin reverts.

Base FCF: $160.8M3Y mean FCF: $79M

Valuation History

Current multiple vs historical range at each filing date. Band spans 25th-75th percentile.

P / S

Price / revenue per share

12.3xCheap
12.3xmed 17.0x31.8x

P / B

Price / book value per share

10.1xExpensive
6.7xmed 9.2x12.6x

P / GP

Price / gross profit per share

17.6xCheap
17.6xmed 41.7x75.4x

P / FCF

Price / free cash flow per share

47.8xCheap
47.8xmed 130.7x767.6x

Revenue growth and the path to profitability (margin trend) are the primary reads at this stage.

Profitability

Gross profitability (GP / assets)

0.31

Primary signal (Novy-Marx).

41st pctl of 38 SIC 7372 peers

Return on equity

-1.9%

Gross margin

70.0%

46th pctl of 38 SIC 7372 peers

Revenue growth (YoY)

23.3%

RPO growth (YoY)

-11.9%

Remaining performance obligations growth — RPO > revenue = forward demand building.

Gross margin improving

Margin trend vs prior year.

PASS

Operating Leverage

2022202320242025
Revenue vs COGS
Revenue vs OpEx
Op. Income vs Revenue

Growth

Revenue CAGR (3Y)

-5.8%

Revenue CAGR (5Y)

16.6%

Earnings CAGR (3Y)

—

FCF CAGR (3Y)

—

Anti-fragile safety

Balance-sheet safety

Composite anti-fragile check.

PASS

Debt / equity

0.95

28th pctl of 33 SIC 7372 peers (best = lowest)

Current ratio

1.66×

38th pctl of 38 SIC 7372 peers

Quick ratio

1.14×

Net cash

$700.90M

Cash & equivalents minus total debt.

Cash-flow health

Free cash flow

$160.79M

Operating cash flow minus capex.

Positive free cash flow

PASS

FCF / net income

12.55

Cash-backing of earnings.

FCF/NI divergence

Unfavorable divergence (yellow flag).

PASS

Accruals healthy

Cash-backed earnings.

PASS

SBC / revenue

16.8%

Stock-based comp intensity.

Piotroski F-Score

F-Score

5 / 9

Fundamental-strength score (0-9).

Lifecycle Phase History

20202025
Hypergrowth
Decline
Capital Return
View full financial statements →